• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

World’s top oil firms boosted Q1 combined profits to $46 billion

4 years ago
in Energy, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
Oil field scene, the evening of beam pumping unit in silhouette

Oil field scene, the evening of beam pumping unit in silhouette

100
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The ten largest public oil firms in the world reported combined profits of $46 billion for the first quarter of 2021, thanks to higher oil prices this year, data compiled by Anadolu Agency from financial statements showed this week.

The top ten firms that the agency analyzed—ExxonMobil, Chevron, Total, Shell, BP, Eni, Equinor, Lukoil, Rosneft, and Saudi Aramco—saw their combined profits rise by $8.5 billion due to the more favorable commodity price environment and signs of recovering demand.  

To compare, in Q1 2020, when the pandemic hit oil demand and oil prices, only U.S. firm Chevron and the Saudi giant Aramco reported profits—of a total of $20.3 billion—while the other eight international and national oil majors lost a combined $17.7 billion, according to the estimates compiled by Anadolu Agency.

BP saw the largest increase in profit in the first quarter of 2021 compared to the same period of 2020, the agency’s calculations showed.

Read: Renegotiation of Ameri deal results in 13% reduction in contract sum

BP reported a profit attributable to shareholders of $4.7 billion in Q1 2021, compared to a loss of $4.4 billion for the first quarter of 2020. The supermajor resumed share buybacks this quarter after more than tripling its first-quarter earnings from a year ago on the back of rising oil prices and “exceptional gas marketing and trading performance.”

BP reported underlying replacement cost profit—its proxy for net profit—of $2.63 billion, up from $791 million for the first quarter of last year and from just $115 million for the fourth quarter of 2020.

RelatedPosts

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

In terms of revenues, Anadolu Agency’s estimates show that combined revenues of the top ten oil firms increased by 6.6 percent annually to around $387 billion. Saudi Aramco’s revenues rose the most—by 20 percent to $80 billion.

The Saudi giant also reported a 30-percent jump in net income for the first quarter of the year to $21.7 billion.

Source: oilprice
Via: norvanreports
Tags: BPChevronEniEquinorExxonMobilLukoilQ1 combined profits to $46 billionRosneftShellten largest public oil firmsTotal
No Result
View All Result

Highlights

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

RMA Demands Public Inquiry into Unibank Collapse, Slams AG’s Decision to Drop Charges

Trending

Features

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe The Ghana Airports Company Limited (GACL) has officially...

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.